Biden’s Inflation Tax is Costing the Average American Worker Over $3,000 in Annual Income

Joe Biden’s inflation crisis is already expected to cost the average American household NEARLY $6,000 as they foot the bill for the skyrocketing cost of goods, but it will also cost the average American worker OVER $3,000 in annual income, according to a new analysis. This new analysis comes on the heels of June’s Consumer Price Index (CPI) report, which was “much hotter” than expected as inflation hit its highest rate since December 1981.

BIDEN’S ECONOMIC CRISIS BY THE NUMBERS:

  • Inflation is a tax on ALL Americans.
  • In June, the CPI soared 9.1% for the 12 months ending June, the largest 12-month increase since the period ending December 1981.
  • Real wages are down nearly 4.8% from the beginning of the Biden Administration.
  • Real average hourly earnings decreased 3.6%, seasonally adjusted, from June 2021 to June 2022.
  • Biden’s inflation crisis has cost the average American worker OVER $3,000 in annual incoming.
  • The Consumer Price Index for All Urban Consumers (CPI-U) increased 1.3 percent in June.
  • This monthly inflation rate is equivalent to an annualized 17.1%
  • Last year, Joe Biden told the American people that inflation was just “temporary,” which was FALSE.
  • 54% of Americans say the middle class has not benefited from this administration’s failed Far-Left policies.
  • Wages are not keeping up with inflation, and have actually DECREASED, while prices for goods have risen.
  • Americans are paying more for just about everything because of inflation:
  • The skyrocketing cost of goods and services will cost the average American household OVER $5,000 this year.
  • Most Americans expect inflation to get worse in the next year and are adjusting their spending habits in response to rising prices.

MAKE NO MISTAKE: Inflation is a tax on all Americans, and it is caused by Joe Biden and House Democrats’ out-of-control spending. Democrat one-party rule in Washington is making it impossible to achieve the American dream for millions of Americans.